What benefits does Maotai pay dividends + salary increase give consumers? Selling 60,000 tons a year, "parity wine" only accounts for 4%

　　China-Singapore Jingwei client, April 22 (Wu Xiaowei), Guizhou Maotai disclosed its 2019 annual report on the 21st. During the reporting period, it achieved a net profit of 41.206 billion yuan, an increase of 17.05% year-on-year. . "The strongest dividend" makes other stockholders envied; the average annual salary of employees exceeds 110,000, an increase of 11.76%. However, the direct sales channel built by Maotai in 2019 to control prices is not obvious, with sales accounting for only 4%. Even more shocking is that the gross profit margin of direct selling wine is as high as 95%.

The average annual salary of employees has risen by 11%

　　The annual report shows that the operating costs of Maotai liquor increased by 14.42% in 2019, of which direct labor costs are only second to direct material costs, accounting for 31.57%. In 2019, there were 27,005 active employees in Maotai, and a total of 3.02 billion yuan in employee compensation and expenses. Based on this calculation, the per capita annual salary was 111,800 yuan, and the per capita monthly salary was 9320.09 yuan, an increase of 11.76% over last year. It still did not outperform the company.

　　The information on dividends in the annual report is more eye-catching. It mentioned that the proposed 10 faction is 170.25 yuan, with a total profit distribution of 21.387 billion yuan, and the remaining 94.506 billion yuan is reserved for future annual distribution. That is to say, every time a shareholder buys Guizhou Moutai, it can receive a dividend of 1702.5 yuan, which is more than 200 yuan higher than the official retail price of a bottle of flying Maotai. However, on the day of the annual report, the closing price of Guizhou Moutai is 1200 yuan, which is converted into a dividend. The rate is only 14.19%.

　　This dividend plan still refreshed the A-share record. From 2016 to 2019, the amount of Moutai dividends increased by 150%. Specifically, in 2018, Maotai's dividend plan is 10 yuan 145.39 yuan; 2017 10 yuan 109.99 yuan; 2016 10 yuan 67.87 yuan.

　　The steady increase in net profit and the "strongest dividend" benefit once the brokers raised their target prices. CITIC Securities said it raised the company's one-year target price to 1,500 yuan, firmly recommends it, and maintains a "buy" rating. GF Securities raised its target price from 1,300 yuan to 1,506 yuan.

The volume of direct sales wine is not obvious, and the gross profit margin is as high as 95%

　　Shareholders and employees have good benefits, so what kind of benefits do consumers get? How many Maotai liquors can be bought in 2019?

　　Since 2019, Moutai has set up a group marketing company to cooperate with e-commerce and supermarkets, increase direct sales and flattening efforts, try to ease the contradiction between supply and demand, and avoid high product prices. However, whether it is in e-commerce or supermarket channels, consumers still find it difficult to purchase Feitian Maotai liquor. This is confirmed from the annual report. The data shows that although Maotai frequently moves in direct selling in 2019, the volume is not obvious.

　　In 2019, the sales volume of Moutai direct marketing channels accounted for 4.10%, while in 2018 the data was 3.81%. Not only did the proportion increase not much, but the number was only 280.16 tons, a total of 2651.84 tons. Up to 64645.3 tons. On the other hand, the direct sales channel revenue in 2019 was 7.248 billion yuan. Although it increased by 65.65% compared with 4.375 billion yuan in the same period of the previous year, it only accounted for 8.49% of the total alcohol revenue.

　　It is worth noting that, according to the plan of Moutai at the end of 2018, 31,000 tons of Moutai liquor will be put on the market in 2019, of which 14,000 tons will be partly used to increase the proportion of direct sales and self-operation, that is, sales in direct sales channels. The 2,651.84 tons disclosed in the annual report is far from the target.

　　Industry insiders said that the sales of Moutai's direct sales channel were lower than expected, which was related to the "slow arrival" of the direct sales channel reform, because the latter did not gradually land until the third quarter of last year.

　　Wine industry analyst Cai Xuefei told the Sino-Singapore Jingwei client that the proportion of Moutai's direct marketing market is relatively small in itself, and direct operation is a long-term strategy. Stepping forward is conducive to alleviating the conflict of interest with existing channel providers, while executing Modernization is also the core work of the new leadership team. Last year there was a certain foreshadowing and experimental nature to provide market operation space for the new leadership team.

　　In addition, the gross profit margin of direct selling alcohol is as high as 95.01%, which is 3.98% higher than that of wholesale channels. Calculated according to the recommended retail price of Fei Mao Moutai at 1499 yuan, the cost per bottle is less than 75 yuan.

　　Relevant information shows that on January 6, Maotai opened the signing ceremony of KA (key customer) stores in Shandong, Jiangsu, Chongqing, Sichuan, Beijing, Shanghai, and Guangzhou. At present, it includes Jiangsu Wenfeng Co., Ltd., Henan Dazhang Group, Sichuan Yiteng Yanghuatang, Jilin Eurasia Store, Shandong Zhenhua Group, Liaoning Dashang Group, Sichuan Bailun Group, Guangdong Rainbow Store, Wal-Mart Guangdong Store, etc., plus China Vanguard, Wumei, Costco, three local supermarkets in Guizhou, and Dennis in Henan, etc., which have already started cooperation, have reached 20 supermarkets that have successfully held hands with Maotai. In addition, Tmall and Suning also signed with Maotai in 2019 Online cooperation, force e-commerce platform.

　　According to the plan of Maotai in 2020, about 14,000 tons of Moutai liquor will be placed in the distributor channel of the total amount of about 34,500 tons. As in the previous two years, "no increase nor decrease"; , E-commerce and self-operated channels. (Sino-Singapore Jingwei app)

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